Partners Group: Strong Profit and Oversold RSI Contradict Share Price Slide as Evergreen Redemption Cap Looms

Stock slides 21% to oversold territory despite strong 2025 earnings. Redemption caps on Evergreen funds and short-seller allegations weigh; July 15 AuM report is key.

Shares of the Swiss private markets heavyweight have been caught in a brutal downdraft, sliding roughly 21% over the past month alone. The stock closed the week at €767.00, just 4.6% above its 52-week low of €733.00 set in early June. With the relative strength index sitting at 28.7 on a 14-day basis, the market is flashing an extreme oversold signal — and the price now trades a full quarter below its 200-day moving average. The annualized volatility of nearly 53% guarantees further sharp swings.

Yet the company’s operational performance tells a different story. Partners Group’s 2025 fiscal year delivered revenue of CHF 2.46 billion and a net profit of CHF 1.26 billion, underpinning a proposed dividend of CHF 46.00 per share. The equity ratio stands at a solid 34%, and the current price-to-earnings multiple of 20.8 is hardly stretched by historical standards. That disconnect between earnings power and market sentiment has left chart watchers eyeing the support zone around €750 as a potential springboard for a technical rebound.

The bearish pressure stems primarily from persistent anxiety over the firm’s Evergreen fund platform. Partners Group was forced on Thursday to push back against reports that it planned additional liquidity restrictions or a freeze on its Evergreen vehicles. The company did confirm that redemptions from the $8.6 billion Global Value SICAV had been capped at 5% after requests hit nearly 10% of assets. A Delaware vehicle was close to that threshold at roughly 6% of NAV, and three other mature Evergreen funds with a combined $9.7 billion face second-quarter redemption requests between 3.5% and 5%. Management has signaled it will apply the 5% cap there as needed.

The redemption pressure is concentrated in the private wealth channel, which accounts for about 20% of the firm’s $185 billion in total assets under management — the rest comes from institutional investors. Partners Group insists the situation is manageable, noting that the two flagship Evergreen funds have multiplied roughly fivefold since inception. Realizations in 2025 ran at about 15% of NAV, a similar pace expected for 2026. The company also points to ongoing distributions from portfolio companies and undrawn credit lines.

Adding to the uncertainty is the legal dispute with US short-seller Grizzly Research, which alleged in late April that up to 40% of Evergreen investments were materially misvalued. The stock has lost roughly 37% since its August 2025 high of €1,213.50, reflecting the accumulation of headwinds.

All eyes now turn to July 15, when Partners Group will report assets under management as of June 30, 2026. That release will show whether net inflows can offset the drag from the Evergreen platform — the company has guided that the platform could trim net AuM growth by 1% to 2% in the second half, with a similar effect expected in 2027. For the year, gross new client demand is forecast at $26 billion to $32 billion. The AuM numbers will be the next critical test of whether the fundamental story can finally pull the shares out of their technical tailspin.